WI Real Estate Final Exam Material Guide 2023 with
complete solution
Salespeople can use which of the following forms:
a form prepared and approved by the Department
Which of the following statements is true of property held in joint tenancy?
If a joint tenant dies, the surviving tenant or tenants receive the interest of the deceased
joint tenant
When presenting an offer to a For Sale by Owner (FSBO), a buyer's licensee will
present what form to the seller?
Disclosure to Customers
Which of the following is NOT typically considered client funds?
Security deposits collected by a property owner
How can a seller terminate a listing contract?
In writing, delivered according to the terms of the listing contract
If a seller does not accept an offer that included earnest money, the listing firm
MUST:
promptly disburse the money to the person(s) who paid the money
Which type of loan does the federal government guarantee?
Department of Veterans Affairs (VA) loan
What is the legal effect of a counter-offer?
Rejection of the offer and presentation of a new offer
When acting as a buyer's agent, a license must disclose buyer agency to all
parties or risk a claim of:
misrepresentation
The Distribution of Information section of the WB-11 Residential Offer to
Purchase states that:
the listing firm may deliver a copy of the offer to the title company
Which statement best explains why instruments affecting real estate, such as
deeds or easements, are recorded in the register of deeds in the county where the
property is located?
Recording gives constructive notice to the world of the rights and interests in a parcel of
real estate.
When a depository institution remits the interest earned on a firm's interest-
bearing trust account to the Department they must inform the firm of all the
following EXCEPT the:
interest earned on account
When marketing properties, a licensee's liability for providing information
regarding lot lines, lot sizes, or room dimensions may lead to all of the following
EXCEPT:
a selling bonus
Wallace lists his house with Kima. Preston goes to Kima's open house and
decides he wants to make an offer on the house. Preston signs a buyer agency
agreement with Kima. Kima drafts the offer to purchase for Preston. Which of the
, following CORRECTLY identifies the relationship of Kima to Preston and
Wallace?
Wallace is Kima's client, Preston is Kima's client
In the WB-1 Residential Listing Contract, who has the authority to accompany a
home inspector during a home inspection?
the buyer
The WB-11 Residential Offer to Purchase does NOT have any information at lines
38 and 39. This means that:
binding acceptance can only occur by delivery to the Party, not the agent
How must a supervising broker delegate supervision to another broker?
In a written statement signed by both brokers
When purchasing a condominium the buyer has the right to a copy of the
condominium declaration bylaws within how many days prior to closing?
15
An offer is written and subsequently rejected. The buyer gave earnest money with
the offer. What would be the proper procedure to return the earnest money?
can be returned to the buyer
A borrower is obtaining an adjustable rate loan where the initial rate is fixed for
three years. After the initial period, the loan will adjust every six months. What is
the borrower's initial principal and interest payment is based upon?
The interest rate at which the ARM is originated
Jimmy and Sara, a married couple, are selling their primary residence. Both
Jimmy and Sara must sign all of the following EXCEPT:
the listing contract
A selling agent has given the buyer information on the real estate market and
suggested a purchase price for the buyer's offer. The selling agent has likely
created what type of agency with the buyer?
implied
Most commonly, price-fixing is a violation of:
anti trust
Which of the following transactions must include a real estate condition report?
A seller selling a duplex that the seller has never lived in
A seller counters a buyer's offer. The buyer rejects the seller's counter and the
original period for binding acceptance has not expired. The seller accepts and
delivers the original offer to the buyer. At this point:
a sales contract does not exist
At what point in the real estate transaction does a buyer receive equitable title?
When all contingencies have been removed
Which of the following is NOT viewed as an encumbrance that must be disclosed
to a buyer?
Back taxes that the seller will be paying off at closing
If the buyer would like the buyer's firm to be paid by the seller, the buyer:
must authorize the payment of commission from seller to buyer's firm in the buyer
agency agreement
Which of the following situations requires a written earnest money disbursement
agreement prior to disbursement of funds?
complete solution
Salespeople can use which of the following forms:
a form prepared and approved by the Department
Which of the following statements is true of property held in joint tenancy?
If a joint tenant dies, the surviving tenant or tenants receive the interest of the deceased
joint tenant
When presenting an offer to a For Sale by Owner (FSBO), a buyer's licensee will
present what form to the seller?
Disclosure to Customers
Which of the following is NOT typically considered client funds?
Security deposits collected by a property owner
How can a seller terminate a listing contract?
In writing, delivered according to the terms of the listing contract
If a seller does not accept an offer that included earnest money, the listing firm
MUST:
promptly disburse the money to the person(s) who paid the money
Which type of loan does the federal government guarantee?
Department of Veterans Affairs (VA) loan
What is the legal effect of a counter-offer?
Rejection of the offer and presentation of a new offer
When acting as a buyer's agent, a license must disclose buyer agency to all
parties or risk a claim of:
misrepresentation
The Distribution of Information section of the WB-11 Residential Offer to
Purchase states that:
the listing firm may deliver a copy of the offer to the title company
Which statement best explains why instruments affecting real estate, such as
deeds or easements, are recorded in the register of deeds in the county where the
property is located?
Recording gives constructive notice to the world of the rights and interests in a parcel of
real estate.
When a depository institution remits the interest earned on a firm's interest-
bearing trust account to the Department they must inform the firm of all the
following EXCEPT the:
interest earned on account
When marketing properties, a licensee's liability for providing information
regarding lot lines, lot sizes, or room dimensions may lead to all of the following
EXCEPT:
a selling bonus
Wallace lists his house with Kima. Preston goes to Kima's open house and
decides he wants to make an offer on the house. Preston signs a buyer agency
agreement with Kima. Kima drafts the offer to purchase for Preston. Which of the
, following CORRECTLY identifies the relationship of Kima to Preston and
Wallace?
Wallace is Kima's client, Preston is Kima's client
In the WB-1 Residential Listing Contract, who has the authority to accompany a
home inspector during a home inspection?
the buyer
The WB-11 Residential Offer to Purchase does NOT have any information at lines
38 and 39. This means that:
binding acceptance can only occur by delivery to the Party, not the agent
How must a supervising broker delegate supervision to another broker?
In a written statement signed by both brokers
When purchasing a condominium the buyer has the right to a copy of the
condominium declaration bylaws within how many days prior to closing?
15
An offer is written and subsequently rejected. The buyer gave earnest money with
the offer. What would be the proper procedure to return the earnest money?
can be returned to the buyer
A borrower is obtaining an adjustable rate loan where the initial rate is fixed for
three years. After the initial period, the loan will adjust every six months. What is
the borrower's initial principal and interest payment is based upon?
The interest rate at which the ARM is originated
Jimmy and Sara, a married couple, are selling their primary residence. Both
Jimmy and Sara must sign all of the following EXCEPT:
the listing contract
A selling agent has given the buyer information on the real estate market and
suggested a purchase price for the buyer's offer. The selling agent has likely
created what type of agency with the buyer?
implied
Most commonly, price-fixing is a violation of:
anti trust
Which of the following transactions must include a real estate condition report?
A seller selling a duplex that the seller has never lived in
A seller counters a buyer's offer. The buyer rejects the seller's counter and the
original period for binding acceptance has not expired. The seller accepts and
delivers the original offer to the buyer. At this point:
a sales contract does not exist
At what point in the real estate transaction does a buyer receive equitable title?
When all contingencies have been removed
Which of the following is NOT viewed as an encumbrance that must be disclosed
to a buyer?
Back taxes that the seller will be paying off at closing
If the buyer would like the buyer's firm to be paid by the seller, the buyer:
must authorize the payment of commission from seller to buyer's firm in the buyer
agency agreement
Which of the following situations requires a written earnest money disbursement
agreement prior to disbursement of funds?
